National Bank of Canada FI Purchases 27,763 Shares of Incyte Co. (NASDAQ:INCY)

Posted by Mark Dietrich on Aug 6th, 2022

National Bank of Canada FI lifted its position in shares of Incyte Co. (NASDAQ:INCY – Get Rating) by 4,666.1% in the first quarter, HoldingsChannel reports. The fund owned 28,358 shares of the biopharmaceutical company’s stock after buying an additional 27,763 shares during the period. National Bank of Canada FI’s holdings in Incyte were worth $2,232,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. State of Michigan Retirement System raised its position in shares of Incyte by 0.3% during the first quarter. State of Michigan Retirement System now owns 47,459 shares of the biopharmaceutical company’s stock worth $3,769,000 after acquiring an additional 155 shares during the last quarter. National Asset Management Inc. grew its stake in shares of Incyte by 5.3% during the fourth quarter. National Asset Management Inc. now owns 3,255 shares of the biopharmaceutical company’s stock worth $239,000 after purchasing an additional 164 shares during the period. Kentucky Retirement Systems Insurance Trust Fund grew its stake in shares of Incyte by 3.7% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,810 shares of the biopharmaceutical company’s stock worth $353,000 after purchasing an additional 170 shares during the period. Glassman Wealth Services grew its stake in shares of Incyte by 52.1% during the fourth quarter. Glassman Wealth Services now owns 502 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 172 shares during the period. Finally, Mutual of America Capital Management LLC grew its stake in shares of Incyte by 0.6% during the fourth quarter. Mutual of America Capital Management LLC now owns 27,650 shares of the biopharmaceutical company’s stock worth $2,030,000 after purchasing an additional 177 shares during the period. Institutional investors own 92.78% of the company’s stock.

Incyte Stock Up 0.3 %

INCY stock opened at $72.16 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.91 and a quick ratio of 3.67. The stock has a market capitalization of $15.98 billion, a P/E ratio of 16.98, a P/E/G ratio of 0.87 and a beta of 0.64. The business has a 50-day moving average of $76.16 and a 200-day moving average of $75.21. Incyte Co. has a fifty-two week low of $61.91 and a fifty-two week high of $84.86.

Incyte (NASDAQ:INCY – Get Rating) last released its earnings results on Tuesday, August 2nd. The biopharmaceutical company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.22. Incyte had a return on equity of 13.02% and a net margin of 28.46%. The business had revenue of $911.40 million for the quarter, compared to analyst estimates of $818.25 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. Incyte’s revenue was up 29.1% on a year-over-year basis. On average, sell-side analysts anticipate that Incyte Co. will post 2.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Oppenheimer decreased their price objective on Incyte from $109.00 to $98.00 in a research note on Wednesday. StockNews.com raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Wells Fargo & Company began coverage on Incyte in a research note on Thursday, July 28th. They issued an “equal weight” rating and a $76.00 target price for the company. SVB Leerink boosted their target price on Incyte from $58.00 to $63.00 and gave the company an “underperform” rating in a research note on Wednesday, July 20th. Finally, Stifel Nicolaus boosted their target price on Incyte from $75.00 to $77.00 in a research note on Tuesday, May 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $84.92.

Insider Buying and Selling

In related news, insider Thomas Tray sold 1,564 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $83.13, for a total transaction of $130,015.32. Following the sale, the insider now owns 17,702 shares in the company, valued at $1,471,567.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Incyte news, EVP Vijay K. Iyengar sold 5,787 shares of the company’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $79.38, for a total value of $459,372.06. Following the transaction, the executive vice president now directly owns 40,313 shares in the company, valued at $3,200,045.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas Tray sold 1,564 shares of the firm’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $83.13, for a total transaction of $130,015.32. Following the sale, the insider now owns 17,702 shares of the company’s stock, valued at approximately $1,471,567.26. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by corporate insiders.

About Incyte

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Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.